Quid by martini jesse

Quid

Jesse Martini

Table Of Contents Introduction

Banking

Trasactions

Around the Fees

Blockchain

Cryptocurrencies

Perfect World

Confusion

Stocks

The Idea

The Goal

End Game

Value

Bibliography

Photo Credits

Introduction Banks are an odd concept, they hold out money which they present on a screen to us, they ask us to wait in long lines if we want it all at once. They are also typically really hesitant to do this. We also never really understand where the money comes from, or how they make money off us. They don’t advertise their business ventures or where they invest unless you do some serious digging. For the most part, they all offer the same things, right? We don’t shop for banks as we shop for cars. There is no test drive, there isn’t a list of features, there is the sign on the dotted line and this is the monthly payment you pay us to hold your money. Interesting concept right? Paying someone to hold your money so they can make money off of it. We can break down as the government is the real reason there are all the charges and costs to hold and use your money.

Banking Beginning at the start of the process, we will look at The Bank of Canada. The Bank of Canada’s main purpose is to carry out the monetary policy. The monetary policy is a system that raises and lowers short-term interest rates. The monetary policy implements the influence on the economy by regulating the amount of money in circulation. These interest rates are what major financial institution borrow, and use loans to fund one another on. The ultimate goal with in is to keep an economy that is stable and predictable, and thus creating a system without surprise for those making investments and spending. The Bank of Canada is in place to keep the economy stable, and keep the currency exchange rates reasonable. With this, financial institutions can establish their rates and offer consumer services. Financial institutions obtain their money from the Bank of Canada. They “borrow” these funds from the Bank of Canada. Financial institutions create the prime rates, which are based on the rate of short-term funding established by the Bank of Canada. The target overnight rate is the goal rate, which is set twenty-five cents below the rate the bank of Canada loans money out at. This is called the bank rate. The target overnight rate is the rate at which banks move money from institution to institution. This is the rate at which banks regulate interest rates for loans and mortgages. The bank constantly wants this number as low as possible, so when the money gets paid back to the government, the added twenty five cents isn’t overwhelming. This means the bank creates the rates, then the institutions implement them to consumers. When the money goes back to the government, banks are charged on top of the rates - allowing a stable economy and a system of getting money to consumers.

Banking Your day-to-day bank is a branch of the financial institution. These banks specialize in risk management. You put your money into them for safe-keeping, and in return they give you a small percentage of interest for your business and funds. They then lend this money out at a much higher interest rate. This is calculated risk; they are giving this money away with the intent of people paying it back, and the bank making money on the interest rate charged on the loan. Yes, some creditors will default on the loan, to which the bank repossess assets to cover the debt. Banks typically gain money by providing resources to people, to buying things like houses and cars, or even expanding businesses: taking saved funds and turning them into funds that are usable in society. Bank branches specialize in savings, deposits, credit cards, the buying and selling of currencies, and cash management in the simplest form. Credit Unions are another option to store money without using the traditional bank. What makes credit unions different is that they are corporate initiatives. These branches are set up to establish credit sharing among members. They provide all the same financial services as a bank, but focus on a shared value. Credit Unions allow their members to create opportunity, such as starting a small business. The goal is to reinvest into the local community where the Credit Union is situated. There are also Micro Credits â&#x20AC;&#x201C; which are established more for loans than for traditional banking. They are created in developing countries to help people move out of poverty. Micro Credits allow financial access to people who would previously be unable to gain the backing to start a business, or were deemed unfit in the banksâ&#x20AC;&#x2122; eyes.

Banking The last method of gaining capitol for creating a product or starting a business is a relatively new one. Crowdfunding is the most popular way at present to raise money for a variety of needs, everything from causes, to ideas, to businesses. Crowdfunding sites like Kickstarter allow you to give a write-up about an idea. They also may include pictures and renderings, and then allow people to invest if they agree with the concept, most of the time then receiving the product if it gets off the ground. This enables people to get loans from a large group of small investors - saving consumers the headache of trying to get one person at a bank to see your idea the same way as you. Doing this by crowdfunding also spreads the risk widely; leaving no one person deeply put out if the project falls through, thus limiting the damage in a the event of a total failure. The question remains: why have we, as a society, lost trust in banks over the years? They have moved from their traditional values as bringing providers of long term financial products. Now, their model is to increase short-term financial gains that carry a higher risk. They gambled the money buying into hedge funds with derivatives. In order to buy in and gain as much capital as possible, they changed the rates that made borrowing money possible for sub-prime borrowers. When the federal Government raised interest rates to keep up with the global standard, it reset all the mortgage rates. Housing prices fell, causing supply to out-pace demand. Trapping thousands of homeowners that could no longer afford the payments on the house they bought. Banks also stopped lending.

Banking We are charged fees for accessing our money, moving our money, making out money physical within banks. There are levels of fees, the first starts out with the bank. We are charged monthly fees to have a bank account at the bank (normally small, around three dollars) but it adds up if you look at how long you typically hold an account for. Within that fee, you are allowed a certain number of transactions from that account in a month. For example, this number of transactions per month is 12. You can only access your money from that account with your bank card 12 times in a month. Every transaction after that then has an attached fee. There are other fees associated within these accounts however. There are overdraft fees that occur when you go beyond the amount within that account. Now these transactions count as a swipe at a store, or a withdrawal at the ABM, transfers, and bill payments. ABMs have become a great resource as technology has moved forward, if you us your own banks you can pay bills, take out cash, move money around, all without having to wait in line or deal with tellers. However if you are out and need cash for someone you need your bank cannot have ABMs all over so you are stuck going to another bank or a third party ABM, which typically comes with a fee to access your money. While you have to pay for this, you typically withdraw more money than you need. This is done because you think to yourself “I’m paying the fee any ways, don’t want to possibly pay it again!” leading to you taking more money. This leaves the possibility of spending more money. Why is this the casein and where are all the fees?

Transactions When not using your banks ABM fees can apply these fees are, Surcharge fees, and the Financial institution fee. The surcharge fee the fee from the Owner of the ABM to the customer, whoever possesses the ABM whether it be a club, bar, convenience store, or food court. These are the fees that cover the cost of running the unit, keeping it full of cash, and having someone on call to service the unit. The Financial institution fee is between your bank and you. The fee is sent to handle the interchange of money, because if you take money out of an ABM the company that runs it needs to be reimbursed for your withdrawal. If the ABM doesn’t belong to your bank it’s a heavy inconvenience to your bank. Essentially you are paying to have your money moved to that company and then into your hands. Someone has to cover these costs why not it be the person that needs the cash at that moment. There is a reason smaller stores and some services prefer cash. Sure there is the ability to not claim it on your taxes but there is also the loss of funds. First of all Point of sale Terminals are costly to run, you need to rent or buy the unit, you need to pay a company for the transactions made on the unit after the transactions are made you need to pay to receive your money or have it deposited somewhere. To break it down Point of sales systems have an Interchange fee, a Surcharge fee, and a financial institution fee. The interchange fee is a fee posted on the owner of the POS system from their financial institution, this fee is essential to cover the cost of moving the money to the business’s bank account. The surcharge fee is between the customer and the POS acquirer. This is the charge that covers the cost of using the terminal, as well as having it. Depending on the store some merchants leverage this fee. But sometimes of the purchase is under five dollars say the merchant will add it to our bill, it will prompt you before doing so however by law. The last fee the Financial institution fee was discussed earlier, it’s the fee between you and your financial institution the payment to access your money from them and have it released to the merchant’s account.

Transactions This model shows the typical system we currently interact with on normal bases tracking the fees from a pay cheque to spending them. It shows what is really going on from a direct deposit to an interaction with your debit card. Showing how when your employer pays you it’s really their bank transferring money to your bank. And then when you go out to buy things it’s your bank transferring money to that store’s bank. This isn’t even discussing the intermediaries in between. These intermediaries being companies like Moneris that operate the POS terminals and facilitate the transfer from your bank to the shop’s account, to the shop’s banks. Collecting a service fee in-between.

Around the Fees People are still getting around these fees, however. The way to do it is with the tried and true physic exchange of currency. Cash, it has been around forever and still makes up fifty one percent of Canadian transactions to this date. Why? Because itâ&#x20AC;&#x2122;s harder to trace the flow of it if you run a strict cash business you can claim less on taxes, pay-less taxes, and buy things without people knowing about it. It has allowances of discounts at some businesses since they can pocket all of the transaction they will typically offer at least tax off the purchase. It also saves all the fees of using POS terminals. Some people even prefer cash because they say it makes budgeting easier. You only have so much to spend and once you are out you are out, unlike credit cards that allow you to keep going way past what you make in a month.

Blockchain Blockchain is the modern equivalent to cash, allowing all the transactions to take place entity to entity. Without processing fees, and no waiting for funds to move. Blockchain is also more secure than that of cash. Having a pocket full of cash is a liability, with the possibility of someone taking it and you have no way of proving you had it whereas with blockchain there is a ledger that records changes and movements. Without the approval of over fifty-one percent of computers on the network, the transfer doesnâ&#x20AC;&#x2122;t go through. Hacking and stealing money would require massive changes and far too much work.

Blockchain

Blockchains work on storing data within the block. The block is made up of three parts, the block’s hash, the next blocks hash, and the data inside. As the data inside the block changes hash changes. The Hash is the ID of the block, it’s how every block knows that block and its whereabouts. The hash is constantly recalculated when blocks are created in order to stop fraudulent charges. Once all the work is checked and it adds up on over fifty percent of the network the next block is created. Nodes are what these computer terminals are called, the new block is sent out to every node within the network to confirm the change, once most computers have calculated it and agree the new block is created. Thus making it incredible secure since you can’t just go in change one block and make it so. It has to be recalculated and agreed with the majority.

Cryptocurrencies What is typically traded using blockchain? Cryptocurrencies, the biggest ones are Bitcoin, Ethereum, and Litecoin. Crypto Currencies are essentially the digital currencies that were far more success full of those created in the 90s tech boom. They are peer to peer electronic cash systems that are completely separate from banks. They can be both an investment and an asset. They are an investment in the sense that they move with the market, gain and lose value similarly to stocks. However, unlike stocks holding value based on a company worth or prospers, Cryptocurrencies value comes from the limited supply. There will only be so many ever created, or mined. The coins are created by being mined, now not the traditional down in a hole mining, digital mining. Extremely powerful computers spend hours each day completing algorithms which pay out a reward (the coin). With that, the coin is added to the collection of them. The biggest benefit of cryptocurrencies is the fact that they are decentralized, meaning no bank accepts them, as well as they are intangible. Which also lead to creating skepticism around them, the fact that they are untraceable, makes them the idea currency for black market purchasing, creating the sense that they are a currency of criminals. Which isnâ&#x20AC;&#x2122;t total untrue, the dark web a place to buy pretty much everything illegal uses bitcoin to keep confidentiality. Cryptocurrency works on passing the coin from digital wallet to digital wallet. The only Identifier of the person holding that digital wallet is the ID code of the wallet, there are no names just numerical codes. Cryptocurrency falls into a grey area for a lot of things being how nontraditional it is, countries have a hard time placing it and figuring out where it stands within legal frameworks. Some countries are embracing and trying to incorporate it while others are banning it flat out.

Cryptocurrencies The main cryptocurrencies are Bitcoin (the original), Ethereum, Bitcoin cash, Litecoin, Stellar and EOS. Bitcoin is the original created by a man with the alias Satoshi Nakamoto, it the most widely know and most popular with its value peaking at around fifteen thousand United States Dollars last year, it has been in a slow decline since the popularity dropped off. The benefits are you can buy portions of a coin, they are subdivided so you don’t have to buy into the full four thousand seven hundred, ninety seven dollars and ninety cents Canadian dollars coin right now, you can buy half or a quarter. Allowing people to get into it at a lower rate and holding a more valuable asset. Ethereum is the second most commonly traded, it also a trickle down of companies using it. Like Golem, which is an idle computer rending service. Essentially have a build computer you aren’t using? You can sign up and add it to the Golem network (works like a blockchain) where your computer has to solve an algorithm to win the contract. Once the contract is won, your computer will work overnight to render this file whether it be a movie or CAD files and so forth but once done the network will pay out one Ethereum coin, which can be used to buy and sell other currencies or make you money. Your computer is making you money while you sleep. There is a future in a monetary system like this as well as benefits in peer to peer transactions.

Perfect World

Letâ&#x20AC;&#x2122;s model the Ideal world, with Steve is an engineer. His firm pays him from their block, the money gets transfers to Steveâ&#x20AC;&#x2122;s block. Steve can then go out to the grocery store and buy food, transferring his money to their block. That then allows them to buy supplies, order produces, and conduct business, as well as pay their employees. Then the grocery store employee has money in his block to then pay off his bills and the system continues. This is the most utopia way it could be and would take years of education and implementation to get people to understand, as well as you would have to undercut the banking industry which is massive.

Confusion Like many things in the banking industry there are many things that aren’t common knowledge nor are they taught at any point. A lot of what I’ve mentioned up till this point isn’t common knowledge. But that isn’t to say there isn’t more. There is still investments, the whole stock market, how it works, not to mention money management, and budgeting. All things that we are just lead to blindly because parabolas are somehow more important. I’m sorry but finding a point on a line doesn’t teach me the value of our economy, nor does it help me learn about buying a house or taking out a loan. Now some of the reasons people don’t invest their money are lack of knowledge, fear and well the lack of belief that it makes a difference. The lack of knowledge is the not believing in inflation and thinking cash will carry forward forever. This leads to the idea that money doesn’t lose its purchasing power. Well if you had a dollar in two thousand and four and go to spend that dollar in two thousand and fourteen, it would only get you forty percent of what you could have gotten in two thousand and four. This is because thing continuously gets more expensive. Without having money invested and growing with the market it loses its purchasing power. The same goes with the fear that the market could always crash again. People are always more inclined to take a certain chance over a 95 percent chance. People are more likely to pick the certainty over the risk. There is a fear within losing out, this scare of losing money within the stock market is holding them back. The last point is that people don’t see that five hundred dollar investment making them a ton of money in the long run, they see it making like ten dollars or twenty dollars in a year while they could have had something physical with the five-hundred dollars a year sooner. But hold that five hundred dollars in a bank for 6 years and see an extra hundred or so. But how is money really made in the stock market?

Stocks The stock market is calculated gambling to a degree, it goes up and down and you win some and you lose some. Markets always have to be looked at in a yearly bases, as in the stock has dropped yes, but is it higher than it was this time last year? Then you are still gaining on your investment. Stock prices are literally the supply and demand of the stock, if more people want to buy a stock the price rises, the more people that sell it drops. Now, this can be influenced say a company has a new product coming out that people are excited about, that stock price will rise based on the success, the company will hopefully make more money that quarter making the company stronger and more stable. Making it a desirable stock for a steady return on investment. But how do you know? Well, you never do, that is the gamble you are making educated guesses based on patterns to make money.

The Idea The start was “Provide a way for millennials to progressively bank with all the technology available to them, through a system that removes the need to visit brick and mortar banks.” Initially, I wanted to create a decentralized banking system like credit unions. I wanted a system that must remove fees from the system, reduce cash transactions, allow more flexibility from modern mobile apps as well as being customer driven. I thought it should allow people to bank more freely, bring a new age into banking, and reduce the need for bank visits. I thought could use Fintech, use self-service over tellers, and bring forward a new lifestyle. I was at the point of overthrowing banks. Which to all intense purposes is way out on a limb, banks hold unreal amounts of power. Overthrowing them would take years and would likely never happen. The concept of peer to peer transactions is utopian, and would be incredible but would take years to implement. Where do we take this then? Well, there is still the concept of removing brick and mortar banks, add flexibility to banking apps, and be more customer driven. Aren’t banks already doing that? Well yes and no, banks are moving to the digital world but slowly. Thousands of official documents still need to be printed and hand signed in banks for security reasons. As well as they offer banking apps but they don’t allow you to do many things. And the customer is more a source of income rather than a method to build a relationship and grow their money.

The Idea What if we redid the banking apps that are currently offered? What are we tailored them to do simple things that arenâ&#x20AC;&#x2122;t currently offered? What if we made it so that it is harder to go into the black? What if it helped with informed decision making. Creating a new model of banking app that encompasses all the uses of the current apps while adding value towards helping out with expenses. Simply creating a self-service and free Financial Advisor, gears toward the student but not to say other people wonâ&#x20AC;&#x2122;t find it helpful. Bringing over all the old features like account balances, account to account transfers, showing transaction history, allowing you to transfer funds to friends and pay bills. However bring in a new series of functionality, a series that allows for setting a budget, helping you to spend pay cheques more efficiently. Bringing forth notifications for everything like reaching your daily spending limits, when your credit card statement is done for the month, letting you see if you can still make rent if you buy that coat youâ&#x20AC;&#x2122;ve wanted. And lastly letting you change the simple things you have needed to go into the bank for in the past, like changing your daily cash allowance as well as changing your debt limit. Bringing forward a more helpful, and informed choice system in using your money.

The Goal The goal is to bring into the app simple services that would have previously required a costly financial advisor. To help students budget their money, to aid the worries of money that come with school, living on your own and having to budget for going out or buying things. As well as helping to effectively pay down loans, other debts, or even save for a rainy day when there is extra money not budgeted for. Drawing students into a certain bank with these ideas and values can make them and lifelong customer, just by being a bank more for the person than for capital gain. Leaving the positive mindset that my bank helped me get through school with minimal loans. Having customer like that is critical because drawing them in and creating a trust will keep them open-minded for new services down the road.

End Game For instance say two to three years after they graduate and get a Job, have their loans paid off. There will then be the ideas of starting a family, will you have helped them save for it? Probably by using the same budgeting tool. Helping them account for child expenses, the costs of mortgaging a new home, car. While at the same time using the leftover funds to save away. However, no savings account will give you the return a client really needs to grow their money. Now, what do you do? You offer a new app for this newly found saver, investor, retirement saver. You offer them services that help them to grow their money. Creating a new value for this client. You offer them a fee-free trading app so they can play with stock and cryptocurrencies. Saving them the hassle of spending money on these services. You make the app accessible to those who have a finance degree while also creating tools to help people who are not sure how it all works. Giving them light reading to help them grasp the concept. Using algorithms that analysis what theyâ&#x20AC;&#x2122;ve purchased over the years to assess the person values. Figuring if the person constantly buys this item they approve of that company and like the company and would also like similar companies. With that suggesting stocks of that company or those with similar values dependant on the personâ&#x20AC;&#x2122;s price point. Allowing your client to invest with their eyes open and having options they agree with.

Value Having a system to help people through all finance ages and standpoints in important to keep the clientele base happy and not feeling like you are cheating them out of money. Helping people to be more financially well is a goal, and offering ways to make it easier to get ahead, is important, especially as life continues to get more and more expensive. Itâ&#x20AC;&#x2122;s not as easy as robbing a bank and hiding all your money in a mattress anymore, money like that loses its purchasing power every day itâ&#x20AC;&#x2122;s not growing with the economy. Bringing forward an age of clientele less worried about their student loans and aware if they can afford the essentials let alone the extravagances we desire. Match with growing with this client to maturity when those loan payments become disposable income, that is critical for retirement, and of course fun. Is the Value and relationship of a lifelong customer. Not to forget that most people bank with the bank of their parents, securing more business for years to come.

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